Establishing a named fund is a wonderful memorial for a loved one or a great way to bring recognition to your firm's support of the industry. To initialize a named fund, your must begin with a minimum pledge of $30,000 and an initial payment of $5,000, with payments of $5,000 annually over a five-year period. We will announce the creation of the new fund (if desired) and solicit contributions through promotional materials and/or direct mail.
Although $30,000 is the minimum amount to establish a fund, you can contribute any amount of additional funds at any time. There is no limit to how large a named fund can be – a larger endowment will produce a greater number of scholarships.
While scholarships are currently awarded in the amount of $1,500, this figure can increase or decrease due to fluctuations in interest rates and student needs. The first scholarship will be awarded at the end of the first full year interest income reaches the scholarship level. The selection of the award recipient is chosen by the Sidney B. Meadows Scholarship Endowment Fund Selection Committee based on the eligibility guidelines and criteria.
Named Scholarships are tracked separately but combined with all other funds in the endowment for investment purposes. At the end of the five-year donation period, if all contributions have not reached the $30,000 pledge, all donations received will be transferred to the general fund.
To date, seven named funds have been pledged:
Carolina Weed Science Fund
Dr. James & Fay Foret, Sr. Fund
Richard J. Hackney Fund
Lee C. Howell Fund
Arthur A. "Buck" Jones Fund
Art & Millie Lancaster Fund
Robert L. VanLandingham Fund
For more information on establishing a named fund call the Fund office at 678.813.1880.